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Protecting your money
as you get older

Age friendly banking

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As you age, what you need from your money changes. Often, this means making plans to protect yourself and your money for the years ahead.

It's important to plan ahead so you can make informed decisions about what might work for you as your needs and priorities change.

Financial administration

A financial administration order or financial management order is a legal process designed to help protect people who may be unable to manage their own finances. The process is usually started by a person who cares deeply about the wellbeing of someone else, known as a "protected person".

The person applying for the order may be a family member, friend, social worker, or healthcare professional.

If the application is approved, a person who will be known as the ‘financial administrator’ or ‘financial manager’ is appointed. The financial administrator then manages the protected person’s finances. Financial administrators are generally appointed by a state or territory court or tribunal. The appointed person:

  • Must be at least 18 years old; and
  • Can be a close relative, trusted family friend or a Public Trustee.

The order will detail the type of authority the financial administrator has and the duration of their appointment.

If you have been appointed as a financial administrator, and need to lodge a Financial Administration Order. We will require:

  • The original or a certified copy (certified by a Justice of the Peace, Commissioner of Declarations or Solicitor) of the financial administration order; and
  • Proof of identity of the financial administrator.

When a Financial Administration Order is lodged with us, we will automatically cancel any existing third party authority or power of attorney on the account.

If you have any questions call 13 81 51

State and territory-based administrative tribunals

State and territory-based administrative tribunals are bodies that derive their authority from the relevant state-based legislation and hear and determine applications for guardians and financial administrators.

Loss of decision-making capacity

As you age, your capacity for handling financial, legal, healthcare and lifestyle decisions may decrease or disappear entirely. 

As things can change very quickly, it's important to consider putting plans in place as early as possible. This means instructions from you are already in place if they are needed. This is called acting with capacity.

Capacity is a term that broadly means a person is able to understand the nature and consequences of decisions about matters that impact them, can voluntarily make those decisions, and can communicate them to other people. Impaired capacity is when this ability is not fully available.  

Impaired capacity is when a person cannot: 

  • Understand the nature and effect of decisions; 
  • Freely and voluntarily make decisions; or 
  • Communicate those decisions in some way. 

An appropriately qualified healthcare professional can determine if a person does or does not have capacity.

The Office of the Public Advocate or Guardian

The Office of the Public Advocate or Guardian (known differently in each state) are State Government departments that provide a range of services to the public. Depending on the state legislation, this could include acting as guardians for people that are unable to manage their own finances, acting as attorney under Enduring Power of Attorney, acting for people with disabilities where ordered by a Court, acting as Manager and Guardian of Last Resort under appointment by the state or territory-based administrative tribunal.  

State

Website

Australian Capital Territory 

www.ptg.act.gov.au

New South Wales

 www.tag.nsw.gov.au

Northern Territory

 www.publicguardian.nt.gov.au

Queensland

 www.publicguardian.qld.gov.au

South Australia

 www.sacat.sa.gov.au

Tasmania

 www.publicguardian.tas.gov.au

Victoria

 www.publicadvocate.vic.gov.au

Western Australia

 www.wa.gov.au
Power of Attorney

Power of attorney

Having a power of attorney in place can be a helpful way to manage your finances by appointing someone you trust to act on your behalf in your best interests. To help you better understand powers of attorney and understand what power you should give to your attorney, the ABA Safe & Savvy Guide provides information on this topic. 

A power of attorney for financial decisions is a legal document that enables you to appoint another person to make financial decisions on your behalf. To appoint an attorney, you must understand what sort of decisions the attorney can make for you, how long they would have that authority and the effect the attorney’s power could have on you and your finances.

There are two types of power of attorney:

  • General power of attorney (non-enduring)
  • Enduring power of attorney

General Power of Attorney (non-enduring)

A general power of attorney allows one or more attorneys to make legally binding and financial decisions on your behalf for a specific time period or purpose. It is important to seek advice before granting this type of authority, as it will end if you become incapable of making decisions or managing your finances.

A general power of attorney may be useful if you wish to put in place a temporary formal arrangement for a specific purpose such as appointing someone to buy or sell real estate or trade shares on your behalf while you are away for a period of time, such as on holiday.

Enduring Power of Attorney

An enduring power of attorney grants your appointed attorney(s) the power to make decisions for you if you become incapable of doing so. An enduring power of attorney can either begin immediately or take effect only after you lose decision-making capacity.

An enduring power of attorney should be used to put a lasting formal arrangement in place, including:

  • Planning for future changes to your decision-making capacity due to illness, accident, or injury
  • In anticipation of losing the ability to manage your financial affairs.

If you don’t have an enduring power of attorney in place and you lose capacity to make and communicate decisions for yourself, a financial administration order may be required, as you will no longer have the capacity to appoint someone to act on your behalf.

It may be helpful to get legal advice to understand:

  • The risks of appointing an attorney;
  • The attorney’s responsibilities;
  • To ensure the terms of the appointment meet your specific needs.

You or your attorney can lodge a power of attorney. We will require:

  • The original or a certified copy (certified by a Justice of the Peace, Commissioner of Declarations or Solicitor) of the power of attorney; and
  • Proof of identify of each attorney; and
  • If the power of attorney starts when you have lost capacity, a medical certificate, doctor’s letter or declaration by a state or territory-based administrative tribunal will be required to confirm that you have lost capacity to make financial decisions.

If you have any questions call 13 81 51

Third Party Authority

Third party authority

Throughout your life there may be circumstances when you wish to grant someone access to an account or allow someone to help you manage your financial affairs.

The reasons may include:

  • Extended travel
  • Difficulty in accessing services due to remote location or limited physical ability
  • Requiring support in managing your money yourself.

Keep in mind that authorising a third party access to your money and financial affairs can increase your exposure to risk of financial abuse.

It is important that you only give authority to someone you trust and who will look out for your best interests. Take time to seek advice when considering a third party authority over your accounts or financial affairs as there are different options and considerations. This can help you understand what is right for you. 

Elder financial abuse 

Elder financial abuse is when a person takes advantage of an older person for their own financial gain. It can happen to anyone, particularly those who depend on others.

As you age, you may need to rely on family or friends to assist you with things like buying groceries or paying bills, and this can leave you vulnerable to abuse.

Elder financial abuse can be committed by a person close to you, or in a position of authority. This could be a family member, caregiver, friend, attorney appointed under a power of attorney, or other trusted individual. It can take many forms and can have far-reaching financial, emotional, physical and psychological impacts.

Knowing more about elder financial abuse can help you and your loved ones recognise it and take steps to prevent it from happening. 

Common forms of elder financial abuse include the following:

  • Transferring funds from the elder account to their own personal account
  • Making charges to the elder's credit card or accounts without permission
  • Demanding monetary loans or gifts
  • Forcefully have the elder sign a new will or appoint them as the power of attorney or enduring power of attorney
  • Threaten neglect if the elder doesn’t do what they ask
  • Restricting or removing access to grandchildren or other family members if the elder person does not do what they ask
  • Inheritance impatience e.g. pressuring the elder to sell their assets because they believe that they will be one day entitled to them
  • Emotional blackmail.

There are a number of steps that can be taken to protect yourself against financial abuse:

  • Open your own mail and ensure you are receiving and reviewing your bank statements for every account you hold 
  • Protect your bank account details, security token, cheque book and cards by keeping them in a safe place that others can't easily access. Do not keep a record of your PIN (Personal Identification Number)
  • Don’t allow others to add your card details to their digital wallet services (Apple Pay, Samsung Pay or Google Pay branded digital wallet and payment services) or save your card details to their device for online purchases
  • If someone asks for money, discuss it first with a trusted family member or friend, even if it seems a legitimate source, bill or invoice
  • Always read contracts and other documents carefully and never sign anything under pressure from someone else. You have the right to get your own advice about any documents before you sign them. If you are unsure, seek advice from trusted professionals (your accountant, financial advisor or solicitor) to ensure you are well informed about your options.
  • Regularly review who else has access to your accounts and consider applying controls to your debit and credit cards for extra protection.

If you think you are being financially abused, we're here to help.

  • Call our local Customer Contact Centre on 13 81 51

If you are experiencing elder financial abuse, help is available. 

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Support services

There are a range of external support services available that can help you understand and make decisions in relation to authorities and managing your financial affairs in your state or territory.

1800 ELDERHelp

A national free call phone number that automatically redirects callers seeking information and advice on elder abuse with local phone line services.

Call 1800 353 374.

National Elder Abuse Hotline

National free service providing assistance to anyone who experiences, witnesses or suspects the abuse of an older person by someone they know and trust. Calls will be automatically transferred to the relevant state organisation. Visit the Elder Abuse Prevention Unit website or call 1300 651 192.

Seniors Rights Service

Protects the rights of older people. Provides telephone advice, advocacy, legal advice and educational services. Visit Senior Rights Service or call 1800 424 079.

Compass

Guiding action on Elder Abuse, Power of Attorney, family agreements and a guide to documenting your wishes in legal form. Visit Compass.

Better Place Australia

Supports older people in resolving conflict and preventing elder abuse. Provides a range of mediation and counselling services for families, as well as financial counselling, call 1800 639 523 or visit Better Place Australia.

Ask Izzy

Mobile website that connects people in crisis with nearby services, such as housing, food and specialist support. Visit Ask Izzy.

National Debt Helpline

Free, confidential, independent financial information and phone counselling service for people in financial difficulty. Visit National Debt Helpline or call 1800 007 007.

ASIC MoneySmart

Provides free and independent information on money matters as we age. Visit moneysmart.gov.au.

Community Legal Centres Australia

Independent community legal centres that provide free and accessible legal and related services. Visit Community Legal Centres Australia for state-based contact information.